HC Deb 30 January 1984 vol 53 c46W
Mr. Neil Hamilton

asked the Chancellor of the Exchequer whether he will introduce measures to ensure that, where an individual invests in an overseas registered fund which has not established "distributor" status, and declares as his income for tax purposes his share of what is an acceptable level of distribution from the fund, the investor will be able to obtain a clearance on application to the Inland Revenue with the result that any underlying capital gains would be taxable only under capital gains rules.

Mr. Moore

Taxpayers who wish to remain outside the scope of the new charge on investors in overseas roll-up funds can do so by investing in funds which can obtain "distributor" status.